According to a forecast released by the University of Hawaii Economic Research Organization (UHERO), Hawaii’s construction sector had been gaining strength and starting to recover, even if the Honolulu Rail Project remains on hold. According to UHERO, the number of commercial and residential building permits has increased, which will help the industry move forward. However, UHERO does acknowledge that the construction industry could use the huge boost that the Honolulu Rail Project would provide. The report stated, “We have pushed back our forecast for rail work by one year compared with our previous estimate. And of course we await the outcome of November’s mayoral election, which could affect rail prospects beyond that.”
The University of Hawaii Economic Research Organization predicts that construction jobs will increase by 0.6 percent in 2012 but will increase by 7.7 percent in 2013. The tiny gain this year would be the first percentage increase since 2007.
Source: Honolulu Star Advertiser, 11-2-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
